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SOL DeFi Development Corp. completed approximately US$11 million in preferred stock issuance, and the funds will be mainly used to increase its holdings in Solana
September 8, DeFi Development Corp. (hereinafter referred to as the "Company") completed a preferred stock offering of approximately $11 million and said it plans to use the vast majority of its net proceeds for further purchases of Solana (SOL). The Nasdaq-listed company said its securities with the trading symbol CHAD were the first "digital credit" tool backed by SOL-a statement derived from the company itself. According to filings with the U.S. Securities and Exchange Commission (SEC), the subject matter of this offering is variable-rate Series C permanent preferred shares.
Although this financing method will not increase the number of common shares in the company, preferred stock dividends and the market performance of SOL still have a significant impact on economic conditions. CHAD uses a variable dividend structure with a price of $8 per share and a face value of $10. According to the document, the initial annual dividend yield is 13%, which corresponds to an initial effective rate of return of approximately 16.25% at the issue price. Dividends are accrued daily, but are only paid when announced by the board of directors, and rates may be adjusted based on the terms of the securities.
These shares have been listed on the NASDAQ Capital Market. R.F. Lafferty serves as the sole bookrunner, and the investor base includes Thomas Lee, co-founder and head of research at Fundstrat, and BitMine chairman. Management expects to invest the vast majority of its net proceeds in SOL. The company said the move is expected to increase its SOL holdings per share without issuing additional common shares, but the document only regards this as an expected result rather than an established fact.
This release continues DeFi Development's existing treasury strategy. Previously, the company had purchased 172,670 SOLs, bringing the value of its reported position at the time to exceed US$100 million. The launch of CHAD adds a permanent preferred equity channel to the company that complements existing common stock and other financing instruments.
DeFi Development points out that SOL can generate native pledge revenue through its validator and on-chain treasury operations. The company believes that this feature distinguishes CHAD from financial instruments backed by non-interest-bearing assets, but investors still have to face the company's execution risk, dividend obligations on preferred shares, and fluctuations in SOL prices. In addition, the company intends to manage CHAD's dividend yield, with the goal of supporting the stock price near the par value of $10. This is only management's expected goal, not a guaranteed market result. DeFi Development said that after the funds from the issuance are deployed, it will issue a separate update announcement on SOL positions and SOL per share.
